greenwave advisors

A new report suggests that every state in the nation could have legal marijuana for medical or recreational use by 2021.

The latest research by GreenWave Advisors shows the marijuana legalization movement is expected to expand into a significant number of states in the next few years. There is already momentum to get marijuana legalization initiatives on the ballots in 2018 and 2020, which could lead to marijuana being legal in some form in all 50 states, the Motley Fool reports.

Last year should be noted as one of the biggest ever in the history of marijuana law reform with voters in California, Maine, Massachusetts, and Nevada voting to legalize recreational cannabis. These states joined Alaska, Colorado, Oregon, and Washington in legalizing recreational marijuana and running a regulated and taxed cannabis trade.

DigiPath Labs of Las Vegas, the cannabis testing subsidiary of DigiPath, Inc., on Thursday announced that it has successfully completed its first commercial test of cannabis material.

In the short time it's been open, the company said it has already proven that it has the equipment and knowledge needed to reliably test medical cannabis for safety and potency.

"We are open for business," said Todd Denkin, president of DigiPath Labs. "It's been a very long and arduous process, but we jumped through all the hoops and cleared all the obstacles, and now we're testing cannabis products and generating revenue, an important milestone to our shareholders."

As one of only two labs currently operating in Southern Nevada, DigiPath Labs is positioned at the forefront of what is anticipated to become a rapidly growing industry in the Silver State. According to ArcView, the legal cannabis market exploded from $1.5 billion in 2013 to $2.7 billion in 2014—a 74 percent increase in just one year.

Greenwave Advisors estimates that the market could reach $35 billion by 2020 if marijuana is fully legalized across the country, or $21 billion under the more likely scenario of 12 states legalizing recreational use and 37 states legalizing medical use.

GreenWave Advisors, LLC, a newly established independent research and advisory firm serving the burgeoning marijuana industry, on Tuesday released its inaugural research report, “The GreenWave Report: State of the Emerging Marijuana Industry – Current Trends and Projections.” The firm estimates that retail marijuana industry sales could reach $21 billion by 2020 and separately, suggests that if marijuana is legally sold in all states and D.C. by 2020, the consolidated market for retail medical and adult use sales could total $35 billion in the first full year of a federally legalized market.

The firm is the first to provide a state by state bottom up fundamental analysis of the U.S. medical and adult use marijuana retail markets. The analysis also provides a first glimpse of the similarities in reported results in the legalized markets thus far.

“We are pleased to offer investors the first independent, comprehensive, detailed and transparent look at the market potential of the retail marijuana industry,” said Matt Karnes, founder and managing partner at GreenWave Advisors, LLC.

In the upcoming election, Florida residents will vote on a measure to legalize medical marijuana and the citizens of Alaska, Oregon and the District of Columbia will decide on full legalization. “We want investors to be ready for the imminent changes that will profoundly impact investment strategies in the marijuana industry”, Karnes said.